Specialist mortgage lender Pepper Money UK has transitioned to operate as a standalone UK-regulated entity and will no longer be part of the Pepper Group.
The Pepper Group is a global financial services company and parent of credit management and analytics firm Pepper Advantage and subsidiaries in Australia, New Zealand, Spain and Indonesia.
Pepper Money received approval for the change in regulatory control from the Financial Conduct Authority (FCA) in December. It will continue to be majority-owned by private equity firm KKR.
The transaction includes a new equity commitment by a fund managed by Bayview, as well as private credit funds and accounts managed or advised by KKR.
Laurence Morey (pictured), chief executive of Pepper Money UK, said: “We’re delighted to welcome Bayview as a new shareholder and to continue our long-standing relationship with KKR. The support of experienced institutional investors reflects confidence in our business model, governance framework and long-term strategy.
“Guided by our clear and consistent strategy, we will continue to lead the specialist first charge and second mortgage markets with innovation, expertise and an unwavering focus on service.”
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